On this page ▾
Today's prices ask more of Zydus Lifesciences than of Lupin.
At current prices, buyers of Lupin are assuming about 0% growth against 17% in its own record; for Zydus Lifesciences it is 0% against 15%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Lupin on estimate withheld; Zydus Lifesciences on discounted cash flow.
- Size: Zydus Lifesciences is worth about 1.3 times Lupin on the stock market.
- Record: Zydus Lifesciences has grown revenue faster: Lupin compounded at about 8% a year (FY2018–FY2026) and Zydus Lifesciences at about 11% (FY2018–FY2026).
- What to watch: complex us generics at Lupin; us launches at Zydus Lifesciences.
| Lupin | Zydus Lifesciences | |
|---|---|---|
| Price | ₹1,980 | ₹1,190 |
| Market cap | ₹0.91L Cr | ₹1.19L Cr |
| P/E | 17.4 | 28.4 |
| P/B | 4.03 | 4.38 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
A Mumbai drugmaker rebuilt
Lupin was founded in 1968 by Desh Bandhu Gupta and is based in Mumbai. It is one of India's largest generic drugmakers, with big businesses in the US and India and smaller ones across emerging markets.
From Cadila Healthcare to Zydus
Zydus Lifesciences, based in Ahmedabad and renamed from Cadila Healthcare in 2022, is one of India's larger drugmakers. It sells generic medicines in the US, branded prescriptions in India and has a growing pipeline of specialty and biological products.
02The records side by side
Zydus Lifesciences has grown revenue faster: Lupin compounded at about 8% a year (FY2018–FY2026) and Zydus Lifesciences at about 11% (FY2018–FY2026). By revenue the two are of broadly similar size. Lupin kept 19.2% of revenue as net profit in FY2026; Zydus Lifesciences kept 18.9% of revenue as net profit in FY2026. Lupin reported a net loss in FY2020 and FY2022; Zydus Lifesciences was profitable in every year shown.
Full ten-year tables and charts are on each company's page: Lupin · Zydus Lifesciences.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Complex US genericsInhalers and other hard-to-make products earn more.
- India businessChronic-therapy brands grow steadily.
- US launchesNew and complex generics drive US growth.
- India brandsSteady domestic prescriptions support cash flow.
05What could go wrong
- FDA problemsNew warning letters would hit US sales.
- Price erosionCompetition cuts generic prices.
- FDA inspectionsAdverse findings can block US approvals.
- US price erosionGeneric prices fall as competitors enter.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Lupin or Zydus Lifesciences better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Lupin trades at 17.4 times earnings and 4.03 times book value, and Zydus Lifesciences at 28.4 times earnings and 4.38 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Lupin and Zydus Lifesciences?
Lupin was founded in 1968 by Desh Bandhu Gupta and is based in Mumbai. Zydus Lifesciences, based in Ahmedabad and renamed from Cadila Healthcare in 2022, is one of India's larger drugmakers.
Are Lupin and Zydus Lifesciences valued the same way?
No. Lupin is valued on estimate withheld and Zydus Lifesciences on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Lupin and Zydus Lifesciences?
Worked backwards from the share price, Lupin needs about 0% growth and Zydus Lifesciences about 0% growth, against 17% and 15% in their own records.